Hematology Testing Helps in Diagnosing and Monitoring a Variety of Blood Disorders
Increasing prevalence of blood-related disorders or hematologic diseases and rising mortality rate associated with them in different countries of the world have laid the foundation for several advanced diagnostic tests that provide an edge over conventional measurement options of various blood parameters. Associated with high mortality, blood disorders include a number of disorders such as anemia, blood cancer, hemorrhagic conditions, and blood infections.
These disorders affect a significant percentage of world population and have subsequently emerged as global healthcare burden. For instance, hemoglobin disorders affect 75% births globally and more than 400,000 people are affected by hemophilia, as reported by the World Health Organization. Further, anemia, another common hematologic disorder is reported to affect 1.62 billion people globally that corresponds to 24.8% of the population. In addition to this, people around the globe are increasingly getting affected by various blood cancers such as leukemia, lymphoma, myeloma, and myelodysplastic syndromes in recent years. These factors have ultimately led to a rising demand for the development of advanced diagnostic option for the proper and accurate determination of various hematologic disorders.
Hematology is a medical specialty that deals with the study of the cause, prognosis, treatment, and prevention of diseases related to blood. Hematology tests, on the other hand, deal with the laboratory assessments of blood formation and blood disorders. The test is a measurement of blood to help diagnose and monitor different blood disorders, including inflammation, anemia, infection, hemophilia, blood-clotting disorders, and leukemia, among others. Hematology tests help in understanding the body’s response to chemotherapy treatments in blood cancer patients. Some of the common hematology tests available in the global market are complete blood count (CBC) test, platelet count test (usually done as part of the CBC), prothrombin time (PT), partial thromboplastin time (PTT), and international normalized ratio (INR).
All these tests evaluate different blood parameters, including red blood cells (RBC), white blood cells (WBC), and platelets, among others, an increase or decrease in level of which indicate the condition or health of the individual. Over the years, hematology testing has evolved significantly with the emergence of new technologies and innovative testing products.
Based on the market intelligence published by BIS Research titled “Global Hematology Testing Market — Analysis & Forecast 2019–2029” In 2018, the market size of the global hematology testing market was valued at $4.54 billion and is expected to reach $8.20 billion in 2029, registering a CAGR of 5.57% during the forecast period between 2019 and 2029.
Regional Overview of the Hematology Testing Market
North America leads the global hematology testing market in 2018. The presence of sophisticated healthcare infrastructure and strong investments in the medical diagnostic sector of the region has prompted the growth of hematology testing market in North America. In 2018, North America contributed 49.00% of the total market share. Within the region, the U.S. is the leading country while Canada is expected to witness higher CAGR during the forecast period between 2019 and 2029.